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be monitoring, of course the economics comes to bear. we know about hurricane sandy, anybody has an estimate of what the drought of 2012 has cost us so far? the issue is within agriculture alone, the estimate from usda to date is almost $50 billion within agriculture alone. what ends up happening, and don and others could tell you from work done by the national drought mitigation center, is when we ask, well, where are those impacts coming from, the agricultural impacts constituted about 25% of the total number of of reported impacts that we had seen. water resources, energy, wildfire. and one of the things you order in the last discussion and in this one that is the underappreciated aspect of the impacts of drought and air ridty, the loss of ecosystem sources as they support and supply tourism, recreation, clean water and clear air. we do not have any sense of what the costs of those multiple impacts are. we know a bit about the insured impacts from agriculture, but so, therefore, what needs to be considered? the indicators, as margaret is saying, about how people are economically impacted,
. but there really was a balance sheet driven industry. and along came my friend sandy lyle who i referred to earlier, a brilliant fellow, who through the travelers transaction figured out a way in essence to transform banking to an income statement driven system. i've been a hedge fund for years, as you mentioned. i cared about what i made every year, and it was a different culture than that i experienced as a banker. so i'm not sure we can stuff dodd-frank, that gene, back in the bottle. i'm not saying, we're not saying, our teams are not saying that the holding copies cannot engage in these other activities but other activities but what we're saying is they will not have government guarantees. they will not be able to borrow from the discount window, plain and simple. every simple. everyone of their clients will acknowledge the fact that that money is at risk. so it's not forbidding. it doesn't formally split, but it applies to guarantees only to specific practice, what we would call commercial banking, to deposit taking entity. and to none of the rest it would be made extremely clear. as to the s
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